Executive Decree No. 226 of July 20, 2021 which modifies the Permanent Resident Permit as National Foreigners of specific countries that maintain friendly, professional and investment relations with the Republic of Panama, also known as "Friendly nations", was recently published.
The most notable modifications are:
- The Republic of Peru is included in the list of countries applicable to this migratory subcategory.
- In addition to complying with the common requirements established in Article 28 of Decree Law 3 of February 22, 2008, the applicant must demonstrate his intention to apply to this residence under the following alternatives:
- For labor reasons: due to the applicant's employment contract in a company duly incorporated in Panama, providing the pertinent documentation established in the Decree.
- For investment reasons in real estate: for which the applicant must provide a Public Registry certificate that proves the ownership of a real estate property. The minimum real estate investment must be UDS $ 200,000.00 and the acquisition may be financed through a Panamanian bank.
- For fixed-term deposit reasons: for which the applicant must provide a certification from a bank with a general license that operates in the national territory, stating the existence of the deposit, its holder, the value, the term and that it is free of encumbrances, with a minimum validity of three years and for a value not less than two hundred thousand balboas (USD $ 200,000.00).
- With the current modifications of the “Friendly Countries” subcategory, the applicant must previously apply for a provisional residence for two (2) years. After said term, the applicant can apply to the permanent residence.
- Executive Decree 226 of 2021, will take effect as of August 7, 2021.